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TIAA faces class action over retirement loan program


A federal district court judge has granted class certification of a lawsuit seeking to recover money that the Teachers Insurance and Annuity Association of America allegedly took from retirement accounts, Plan Sponsor reports. The U.S. District Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York noted that “there were 7,926 plans at issue with tens or hundreds of thousands of participants” and there are “over 460,000 loans at issue.”

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